Rebecca C. Lutzko United States Attorney for the Northern District of Ohio | U.S. Attorney for the Northern District of Ohio
A Medina, Ohio resident who holds dual citizenship in the United States and Nigeria has been sentenced to more than four years in prison for orchestrating a scheme that defrauded federal COVID-19 relief programs of over $4.2 million.
Joseph Oloyede, 62, was sentenced by U.S. District Judge Christopher A. Boyko to 56 months in prison after pleading guilty in April to conspiracy to commit wire fraud, engaging in monetary transactions involving criminally derived property, and making false tax returns. In addition to his prison term, Oloyede must serve three years of supervised release and pay restitution totaling $4,408,543.38. He also forfeited his home on Foote Road in Medina and nearly $100,000 seized during the investigation.
According to court documents, from April 2020 through February 2022, Oloyede worked with co-conspirator Edward Oluwasanmi of Willoughby to submit fraudulent applications for loans through programs established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These included the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program designed to support small businesses facing financial hardship due to the pandemic.
Oloyede operated as a tax preparer and owned several businesses and a nonprofit organization; Oluwasanmi owned additional business entities. Both men used their companies to apply for SBA funds using false information—obtaining approximately $1.7 million for Oloyede’s entities and $1.2 million for Oluwasanmi’s businesses.
Investigators found that Oloyede also submitted fraudulent loan applications on behalf of some clients’ businesses in exchange for a fee amounting to 15-20% of each loan—a sum he did not report as income on his tax returns. The proceeds were used by Oloyede for personal purchases including land acquisition, construction of a home, and buying a luxury vehicle. In total, he caused approval of 38 fraudulent applications resulting in more than $4.2 million being disbursed.
During sentencing proceedings it was noted that Oloyede is also recognized as the monarch or traditional ruler of Ipetumodu city in Nigeria.
In July 2024, Oluwasanmi received a sentence of 27 months imprisonment along with three years supervised release; he was ordered to pay over $1.2 million in restitution and forfeited assets acquired with illicit funds including real estate and more than $600,000 held in financial accounts.
The case was investigated by multiple agencies including the U.S. Department of Transportation-Office of Inspector General as part of the Pandemic Response Accountability Committee Fraud Task Force; FBI Cleveland Division; and IRS-Criminal Investigations unit.
Prosecution was handled by Assistant United States Attorneys Edward D. Brydle and James L. Morford for the Northern District of Ohio.
